I went to see this the other day with my friend. Thought it was great and enjoyed it a lot more than the LOTR trilogy as those movies are a bit too angsty (im looking at Frodo there) whereas The Hobbit is more light hearted and i tihnk Dwarves are more fun to go adventuring with than the fellowship. Loved the singing.
It was a bit over long but i enjoyed evey minute. There were only two things that annoyed me the first being Frodos cameo becasue bilbo's narration of the fall of Erebor had done a great job of drawing me into the story and creating a feeling of epicness and a grand adventure about to begin but then Frodo pops up and immediately draws me right out of that narrative and feeling of grand adventure.
The second thing that annoyed me was that i didnt really see the point of having Azog as a recurring villain within the movie. They could have kept the flashback recounting of Thorins initial battle with Azog and finished with him dying from his wounds then had the goblin party that chases them toward rivendell be a random raiding party and kept the last part of being chased into trees by Wargs then set on fire then rescued by Eagles as it was in the book. Azog just seems a bit unnecassary as though they thought the movie needed a villain with a personal grudge gainst the Dwarves for it to work when it didnt.